Sea Cloud has signed a letter of intent to be purchased by The Yacht Portfolio, which is overseeing the The Ritz-Carlton Yacht Collection cruise start up.
The boutique cruise line specialising in sailing cruise ships will be purchased in its entirety, including all three vessels, according to the letter.
The acquisition not only expands The Yacht Portfolio’s presence in the luxury cruise sector, but also creates an opportunity to expand its relationship with Marriott International beyond The Ritz-Carlton Yacht Collection.
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It also gives Marriott International the opportunity to enter the cruise industry through its other luxury brands, according to a press release.
“Sea Cloud offers such a unique, environmentally-friendly experience in the cruise space, which aligns well with our continued focus on building a strong portfolio of niche luxury brands,” said Douglas Prothero, CEO of The Yacht Portfolio.
“We look forward to completing a transaction with the Sea Cloud team and supporting the brand’s next phase of growth in the luxury cruise space,” he added.
“We are excited about the transaction between The Yacht Portfolio and Sea Cloud and look forward to the opportunity to collaborate further with The Yacht Portfolio to bring our luxury accommodations to sea,” said Timothy Grisius, Global M&A and Real Estate Officer at Marriott International.
According to a statement from Sea Cloud, its headquarters will remain based in Hamburg, Germany, and its team of employees will stay on as part of this transaction. Sea Cloud’s existing voyage planning and charter commitments are intended to be continued.
“We are pleased that The Yacht Portfolio will strengthen Sea Cloud’s market position,” said Hermann Ebel, Managing Director of Sea Cloud Cruises. “The course is set for many more years of successful international marketing and the foundation is laid for further company and fleet growth.”
Sea Cloud in September last year took delivery of its new three-masted sailing cruise ship, Sea Cloud Spirit, its largest ship to date.
The 138 metre (452.7-foot) three-masted full-rigged ship can accommodate up to 136 guests and is equipped with all the characteristics of a modern cruise liner, including balcony cabins, a wellness area and a fitness centre.
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